Brean Capital lowered its price target on Conatus to $7 from $13 as the firm believes data from its Phase ll liver cirrhosis study has yielded inconclusive results. Brean Capital lowered its price target based on cutting the probability of success for emricasan in liver cirrhosis to 20% from 30%. Brean Capital maintained its Buy rating on Conatus shares, as they believe the company remains on the forefront of developing liver disease treatments.

H.C. Wainwright analyst Ed Arce keeps a Buy rating on Conatus Pharmaceuticals following the company's collaboration agreement with Exalenz Biosciences. The analyst remains positive on Conatus's prospects in non-alcoholic steatohepatitis cirrhosis. The collaboration brings the use of Exalenz's BreathID Methacetin Breath Test to monitor patients in the upcoming Phase 2b trial evaluating the safety and efficacy of emricasan in 160 patients with liver cirrhosis associated with NASH and severe portal hypertension, Arce tells investors in a research note. Using a "simple and non-invasive test provides not only further scientific validation of emricasan for the treatment of NASH cirrhosis, but it also serves as the first non-invasive test that can assist clinicians to conveniently and cost-effectively monitor the effect of the drug at the point of care," the analyst writes. He has a Buy rating on Conatus with a $15 price target.

Following Allergan's (AGN) acquisition of small-cap NASH play Tobira (TBRA), Stifel analyst Stephen Willey notes there are some "interesting" similarities between Conatus (CNAT) and the latter. However, the analyst points out that the clearest distinctions between the two are Conatus' emphasis on some of the downstream consequences of NASH fibrosis and the amount of meaningful clinical data generated to date. Willey still thinks Conatus' emricasan is an interesting asset, but urges investors seeking Tobira-like premiums to exercise a level of caution. He reiterates a Buy rating and $6 price target on Conatus' shares. In afternoon trading, shares of Conatus have gained about 20% to $2.10.

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